There were a few big crosses - 1.5 million plus, done by Dundee in September and October and in the last 6 months alone Dundee has bought almost 22 million shares for an average cost of 3.91 and sold 18 million at an average of 4.04. By far the single biggest action.

Anyone think this is value investing based on San Gold fundamentals needs to have their head examined. San Gold is by and large a Ned Goodman derivative.

By my math that means Dundee has netted 4 million shares in the last 6 months at a cost of $3.78/sh. They must see the value in SGR to be increasing their position like that at those prices.